J

Provision Effective 2004 2005 2006 2007 2008 2009 2010 201

Provisions Relating to Repeal of Exclusion forExtraterritorial Income

1. Repeal of exclusion for extraterritorial income [1] ............... toa DOE 3,710 4,780 5,093 5,312 5,508 5,727 5,993 6,252. Deduction relating to income attributable to United

States production activities .................................................. tyea DOE -339 -835 -1,609 -3,510 -4,340 -4,947 -6,094 -6,30

Total of Provisions Relating to Repeal of Exclusionfor Extraterritorial Income ................................................................................. 3,371 3,945 3,484 1,802 1,168 780 -101 -4General Transition for Repeal of Exclusion for toa DOE &Extraterritorial Income ...................................................... before 2007 -3,105 -3,234 -2,682 -765 --- --- --- International Tax Provisions

A. International Tax Reform

1. Extend the foreign tax credit carryforward from 5

years to 20 years.................................................................. [2] --- -266 -343 -412 -577 -767 -941 -1,08

2. Apply look-through rules for dividends from

noncontrolled section 902 corporations................................ tyba 12/31/02 -585 -77 -51 -23 -6 -1 [3] [

3. Repeal the 90% limitation on the use of foreign tax

credits against the AMT........................................................ tyba 12/31/04 --- -236 -355 -338 -334 -333 -334 -33

4. Recharacterize overall domestic loss................................... lf tyba 12/31/06 --- --- --- -57 -680 -713 -756 -795. Revision of interest allocation rules...................................... tyba 12/31/09 --- --- --- --- --- --- -963 -2,586. Determination of foreign personal holding company

income with respect to transactions in commodities............ teia 12/31/04 --- -4 -10 -10 -10 -10 -11 -

B. International Tax Simplification

1. Repeal of rules applicable to foreign personal

holding companies and foreign investmentcompanies, personal holding company rules as theyapply to foreign corporations, and include in subpartF personal service contract income, as definedunder the foreign personal holding company rules.............. [4] --- -25 -65 -73 -81 -91 -102 -1

2. Expand the subpart F de minimis rule to the lesser

of 5% of gross income or $5 million..................................... [4] --- -15 -143 -157 -173 -190 -209 -23

3. Attribution of stock ownership through partnerships

in determining section 902 and 960 credits.......................... tyba DOE [3] -1 -3 -3 -3 -3 -3 

4. Limit application of uniform capitalization rules in the

case of foreign persons........................................................ tyba 12/31/04 --- -125 -278 -79 -27 -8 -12 -

5. Eliminate secondary withholding tax with respect to

dividends paid by certain foreign corporations..................... pma 12/31/04 --- -2 -3 -3 -3 -3 -3 

THE "JUMPSTART OUR BUSINESS STRENGTH ('JOBS') ACT" 

[Millions of Dollars] 

ESTIMATED REVENUE EFFECTS OF 

Fiscal Years 2004 - 2013 
Page 2

Provision Effective 2004 2005 2006 2007 2008 2009 2010 201

6. Eliminate 30% tax on certain U.S.-source capital

gains of nonresident individuals........................................... tyba 12/31/03 --- -2 -2 -2 -3 -3 -3 

Total of Simplification Proposals ........................................................................ -585 -753 -1,253 -1,157 -1,897 -2,122 -3,337 -5,17Interaction........................................................................ --- 13 14 16 17 19 21 245 62

 NET TOTAL ............................................................................................................ -306 -28 -435 -103 -710 -1,321 -3,193 -4,59Joint Committee on Taxation -------------------------------------- NOTE: Details may not add to totals due to rounding. Legend for "Effective" column: 

DOE = date of enactment teia = transactions entered into after tyba = taxable yealf = losses for toa = transactions occurring after tyea = taxable yeapma = payments made after

[1] Includes estimate for binding contract relief. [2] Effective for excess foreign taxes that may be carried forward to any taxable year beginning after December 31, 2004. [3] Loss of less than $1 million.[4] Effective for taxable years of foreign corporations beginning after December 31, 2004, and taxable years of U.S. persons owning stock of such corporations with or withi